Sinopec Corporation beat earnings estimates on its refining business.The company,an integrated oil and petrochemical firm,is China's largest refiner and had Q3 net income of 2.93 billion dollars,versus an estimate of 2.27 billion.
Petrochemical prices rebounded,and demand for petrochemicals will continue to rise.
Sinopec's profit growth was up 12.4%.It was upgraded to outperform at Sanford C Bernstein.
CNOOC Ltd.,China's largest oil and gas producer,had much stronger product growth in Q3 and this will continue into 2013.The Canadian government must make a decision on the CNOOC-Nexen merger by mid-November.We think it's gonna go through,said Bernstein's Neil Beveridge.It's in Canada's interest to have good business ties with China.We like both CNOOC and Sinopec.
Nexen,Inc. is an oil and gas exploration and production firm with operations in the UK North Sea;offshore West Africa;the Gulf of Mexico;and Western Canada.
Australia is aiming to raise its GDP per capita to 73,000 dollars per person and reach the global top ten of that measure.It is currently number 13 on the GDP per capita list.
Austarlia wants to boost the Asian component of its GDP to one-third.It would like to give every student the chance to learn an Asian language.It's a vision,the increasingly popular Prime Minister Julia Gillard said;it's gonna take some time to deliver.
Sinopec Corporation(SNP),CNOOC Ltd.(CEO),iShares MSCI Australia Index Fund(EWA)
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